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Updated about 7 years ago on . Most recent reply

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18
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5
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Ben West
  • Arlington, TX
5
Votes |
18
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Real estate line of credit

Ben West
  • Arlington, TX
Posted

My family has 28 SFR that are debt free. I'm wanting to bundle 6, 7, 8.....in order to secure a line of credit. I spoke with Bank of America and have a call to a local Credit Union, but wanted to ask on here if anybody new what was available.
I really didnt think it would be that difficult to get a $500,000 line of credit secured by 8-10 investment properties, but either I don't know the language to use or I'm not speaking to the right people.
Any guidance would be appreciated.

Thanks.

Most Popular Reply

User Stats

18
Posts
5
Votes
Ben West
  • Arlington, TX
5
Votes |
18
Posts
Ben West
  • Arlington, TX
Replied

Found a local Bank....Mansfield Community Bank, willing to give a Line of Credit at 70% LTV and charging Prime +2.
1% origination plus appraisals and Title policy.
$500k LOC secured by 5 properties.

I had originally contacted a broker that wanted to charge me $28k to originate the LOC....Mansfield did it for $11k

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